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Current Developments in Taxation of Individuals: Part 1
This update surveys recent federal tax developments involving individuals, including
court cases, rulings, and guidance issued during the six months ending October 2025.
Current developments in taxation of individuals: Part 1
This update surveys recent federal tax developments involving individuals, including
court cases, rulings, and guidance issued during the six months ending October 2025.
Estate planning in a post-OBBBA world
Strategies for optimal intergenerational wealth transfer may require reconsideration, given the continuation of a higher basic exclusion amount by the law known as the One Big Beautiful Bill Act.
Application of grandfathering rules under Sec. 162(m) to severance plan payments
The rules hinge on whether a corporation remains obligated since Nov. 2, 2017, to pay an amount under a written binding contract that has not been materially modified after that date.
A lower substantial-improvement threshold for rural opportunity zones
In the new zones, business property can become qualified if improvements increase its basis by 50%, rather than the otherwise applicable 100%.
Sec. 174: The OBBBA and growing state tax disconformity
State conformity or decoupling from Sec. 174 and new Sec. 174A, enacted by the law known as the One Big Beautiful Bill Act, complicates the treatment of research and experimental expenditures.
Cap raised, strings attached: The 2025 SALT shake-up
Advisers can help clients take advantage of the higher deduction limit for state and local taxes while managing its income phaseout and scheduled sunset.
AICPA seeks guidance on Sec. 174A(c) capitalization and amortization of R&E
Requested guidance can be provided through modifications to Rev. Proc. 2025-28 and/or other published guidance.
AICPA tax policy and advocacy successes: 2025 highlights
The AICPA’s Tax Division volunteer committees and technical resource panels can point to many positive results last year from its advocacy to Treasury, the IRS, and Congress for law changes and administrative guidance.
Practical tax advice for businesses as a result of the OBBBA
H.R. 1, P.L. 119-21, the law commonly known as the One Big Beautiful Bill Act (OBBBA), contains provisions of special interest to business taxpayers. This article summarizes some of them and offers tax planning tips.
Comparing and contrasting business tax strategies
Using the correct expensing strategy for items of real and personal property enables taxpayers to obtain the maximum tax benefits.
Income tax purchase accounting considerations for a stock acquisition
Business advisers can help guide clients through the tax and accounting considerations of a corporate sale or purchase.
Recent developments in estate planning
This annual update on trust, estate, and gift taxation covers recent IRS guidance and administrative issuances, relevant legislative proposals, and selected court decisions for the period ending June 2025.
Are you doing all you can to keep the cash method for your clients?
A passthrough entity business cannot use the cash method of accounting if it is classified as a syndicate. This article discusses this rule and ways a passthrough entity business that is currently not a syndicate can avoid being reclassified as one and losing the use of the cash method.
Results of recent academic research may aid practitioner planning
Five tax research articles published in the past year in academic journals provide potentially valuable insights for practitioners.
Current developments in S corporations
This annual update covers recent developments relating to S corporations, including IRS relief for common inadvertent S election lapses; the transfer of clean-energy credits; and other cases, rulings, and regulations.
Sec. 181: Will 2025 be the series finale?
Sec. 181 expensing of costs of qualified film, television, and theatrical productions gives producers cause to cheer, but the curtain may be falling on this temporary provision.
Tax provisions in the One Big Beautiful Bill Act
The bill extends portions of the Tax Cuts and Jobs Act, provides deductions to eliminate income taxes on certain tips and overtime pay, and addresses other tax priorities of the Trump administration.
AICPA proposes changes to Senate bill that would help most US businesses
Passthrough entities would lose ground compared with corporations under tax language in the Senate Finance Committee bill, the AICPA said in a letter to legislative finance leaders.
Tax provisions of Senate Finance’s version of the budget bill
The 549-page text calls for making many provisions of the Tax Cuts and Jobs Act permanent. The committee says that the SALT cap amount is “the subject of continuing negotiations.”
